Home EXAMS NECO Accounting Questions and Answers 2022/2023

NECO Accounting Questions and Answers 2022/2023

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NECO Accounting Questions and Answers – Essay and Objectives 2022/2023.

NECO Accounting Questions and Answers: Below is the National Examination Council (NECO) financial accounting questions and answers for 2022/2023 are out for Essay and objectives.

If your among those searching for NECO financial accounting answers for 2022? then search no further because in this post we will provide you with the real NECO accounting questions and their answers for free.

NECO Accounting Questions and Answers

Check NECO Accounting Questions and Answers

The National Examination Council is an examination body in Nigeria that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in June/July and November/December respectively.

F/Accounting-Obj
1-10: EACCECCAEA
11-20: EBADCBBEBC
21-30: BDCBCCBCDD
31-40: ADCABCCDCA
41-50: BAABBCEACA
51-60: ABDABCEDBB
COMPLETED

NECO Accounting OBJ Answers – Monday 25th July

(1a)
DISCOUNT ALLOWED
(i) Discount allowed is granted by the seller to the buyer.
(ii) The discount allowed is the expense of the seller.
(iii) Discount allowed is debited in the books of the seller.

DISCOUNT RECEIVED
(i) The discount received is received by the buyer from the seller.
(ii) Discount Received is an income of the buyer.
(iii) Discount Received is credited in the books of the buyer.

(1b)
(i) Cash book
(ii) Purchases book
(iii) Sales book
(iv) Purchases return or return outwards book
(v) Sales return or return inwards book

(1c)
ERROR IT REVEALS
(i) Wrong Totaling of
(ii)Subsidiary Books
Posting of the Wrong Amount
ERROR THAT DOESN’T AFFECT IT
(i) Error of principle
(ii) Error of commission
(iii) Error of omission

(2)
(i) Accumulated fund: An accumulated fund is a type of account that serves as the repository for funds that are collected over time by non-profit organizations and are above and beyond the money needed to cover operational and other expenditures.

(ii) Depreciation: It’s the reduction of a recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible.

(iii) Nominal Capital: It’s the amount of capital that a business can offer to shareholders, in the form of shares of stock. In most nations, the amount of this nominal share capital is regulated by governmental agencies that determine the financial stability of the business and the company’s ability to cover the value of those shares.

(iv) Bad debt: Bad debt is an expense that a business incurs once the repayment of credit previously extended to a customer is estimated to be uncollectible and is thus recorded as a charge off.

(v) Net profit: is the amount of money your business earns after deducting all operating, interest, and tax expenses over a given period of time.

(6)

(7)

(8)

See Also: NECO Time Table

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